07/09/2014 12:05 EDT | Updated 09/08/2014 05:59 EDT

Doug Horner Denounces New Four-Province National Securities Regulator

CALGARY - Alberta Finance Minister Doug Horner is not pleased with the announcement that four provinces are ready to sign up to create a new national securities regulator.

Horner says this only confirms longstanding fears that Ottawa will steamroll ahead with changes without the support of its two largest markets — Alberta and Quebec.

He says he will continue to improve the current system of provincial control, adding that the World Bank ranks Canada ahead of the United States and the United Kingdom when it comes to protecting investors.

Horner was commenting on Saskatchewan and New Brunswick announcing that they will join B.C. and Ontario to form a national body to jointly police securities and capital markets.

The four provinces represent about 55 per cent of the value of capital markets.

The plan is to have legislation enacted a year from now and a capital markets regulator in place by the fall of 2015.

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